With 2024 right around the corner, many Brits will be looking for a New Year’s resolution. Some will set fitness goals, some will try to visit their family more frequently and some might want to see more of the world next year. However, one of the most common resolutions is to do with money with almost 30% of Brits wanting to improve their finances.
If you’re one of these Brits who’s looking to save a bit more money to buy a house, car or holiday of a lifetime, we understand just how difficult it can be to start with. The cost of living crisis has strained many people’s finances since it began in 2022 and high prices for goods and household bills may persist in 2024 too.
That’s why we’ve put together this handy guide on how you can give your finances a checkup and get them in a good position for next year and beyond. Continue reading below to learn more and get your finances to a position you’re happy with.
Assess your budget and spending habits
Begin by reviewing your current income and how you spend your money. You’ll be looking to save some cash every month if you have a certain amount you want to reach, so if your finances are constantly stretched, it might be time to cut out some unnecessary spending.
Some of the easiest ways to cut your monthly spending habits down are to cancel any memberships you don’t use or find cheaper alternatives, reduce the amount of takeaways you have and start shopping at the cheapest supermarkets.
Take a look at your credit health
Your credit report is vital for borrowing money in the future, so if you’re saving for a house, you may want to find ways to improve your credit score in 2024. Simply review yours online and if it’s looking a bit low, the following methods can help to give it a boost:
· Make regular payments on time
· Check for errors in your report
· Register on the electoral roll
· Avoid moving house too much
Review your investments
If you’re an investor, then it could be a good idea to take stock and see how your portfolio is doing. You may wish to pull money out of some stocks that aren’t performing well and put your cash elsewhere to increase your chances of returning a larger amount.